President Biden announced $10,000 in student debt relief for borrowers with income under $125,000. The current and former student leaders at LeadMN are celebrating this decision to support a generation of students that have been drowning in student debt. There are over 900,000 student loan borrowers in Minnesota with $28 billion in student debt.
“This targeted student debt relief will allow some breathing room to low and middle income borrowers drowning in student debt,” said Ali Tomashek, President of LeadMN, the statewide student association for 2 year college students. “As someone that just paid off their student debt, I understand how soul crushing this debt can be and the relief that it will provide to a generation of students.”
This relief is a critical first step in acknowledging how politicians and college administrators have placed the burden of higher education costs largely on the backs of students. $10,000 is a step in the right direction, but the average student loan debt of a community and technical college student in Minnesota is nearly $15,000 and continuing to rise. The Governor and Minnesota legislators must take steps to address the student debt crisis during the upcoming legislative session.
- Ensure greater accountability of colleges and universities to ensure students are more prepared for the Minnesota workforce and civic engagement.
- Pass Free Community and Technical College Plan to give every Minnesota student the post high school education that they need to compete in today’s economy.
- Ensure that students can easily transfer from a 2 year college to 4 year university.